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The earlier in life you start saving, the brighter your financial future will be. The AWA Alliance Bank Youth Saver Account helps kids develop good savings habits from a young age. Available to applicants under 21 years of age, the Youth Saver Account pays a competitive interest rate of 1.25% p.a. on your account balance. This interest-earning power is combined with the convenience of easy, at-call access to your funds, including Internet and phone banking access plus the flexibility of ATM access. There are no monthly or transaction fees attached, ensuring that all the money you put aside goes towards reaching your savings goal.

What are the features of the AWA Alliance Bank Youth Saver Account?

Variable interest rate of 1.25% p.a.

The AWA Alliance Bank Youth Saver Account features a competitive variable interest rate of 1.25% p.a. Please note that this rate is variable and can change at any time according to the official cash rate.

Interest calculated daily

Interest on the AWA Alliance Bank Youth Saver Account is calculated on your daily balance and credited to your account on 30 June and 31 December each year.

Fee-free banking

There are no transaction fees or monthly account-keeping fees attached to this account. As a result, you can be sure that all the money you deposit into your account will go towards helping you reach your savings goal.

RediCard

The AWA Alliance Bank Youth Saver Account comes with a RediCard, which provides easy access to your funds at any ATM in the RediATM network. The funds in your account are available at-call, ensuring that you can always get your hands on your money.

Wide range of other access options

In addition to ATM access via your RediCard, the AWA Alliance Bank Youth Saver Account also includes Internet and phone banking access. You can pay bills via BPAY or Bank@Post, set up direct debits and periodical payments as well as electronically transfer funds to other accounts.

Competitions

AWA Alliance Bank also runs competitions to encourage good savings habits, with prizes such as iPads available to winners.

Pros

Internet & Telephone Banking

RediCard

Periodical payments

Direct debit

Cons

Available for under 21 only.

What you’ll need to know before applying

If the AWA Alliance Bank Youth Saver Account has all the features you’re looking for in a savings account, click on one of the “Find out more” links on this page. This will take you to the AWA Alliance Bank website where you can read more about the terms and conditions of the account and find out what you need to do to apply.

However, you cannot apply for an AWA Alliance Bank Youth Saver Account online.

Application options

There are two ways you can apply for this account:

Visit a branch. You can visit your nearest AWA Alliance Bank to open an account in person. The bank has two branches in Victoria, in Geelong and Portland, and one location in Mandurah, WA.

Complete an online form. You can also get in touch with the bank by completing an online enquiry form via the AWA Alliance Bank website. You will need to provide your name, phone number, email address, preferred contact time and specify the type of account you are interested in.

Documentation needed

If you’re a new AWA Alliance Bank customer, you will need to provide proof of ID when opening an account. You can use your birth certificate, passport or driver’s licence for ID.

Eligibility criteria

Before you can open an AWA Alliance Bank Youth Saver Account, you need to make sure that you satisfy the following eligibility criteria:

Age requirements. The AWA Alliance Bank Youth Saver Account is only available to applicants under 21 years of age

Residency requirements. You must be an Australian resident to apply.

If you’re looking for a savings account that combines competitive interest-earning power with the flexibility and convenience of easy access to your funds, add the AWA Alliance Bank Youth Saver Account to your shortlist. However, you should always compare a number of accounts from different banks before choosing where you should deposit your money and start saving.

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